This Board is dedicated to the activities of Niobium Technology Corporation. Nio Tech Corp is an early stage mining development company based in the United States with the ultimate goal of becoming one of the few strategic suppliers of Niobium. Nio Tech Corp
is actively engaged in the exploration and development of its Nemegosenda property, located 35 miles from Chapleau, Ontario. First explored in the 1950s, modern exploration techniques have verified that the Nemegosenda property contains significant niobium mineralization throughout its 9000 acres of easily accessible land. In a climate of growing demand for niobium and diversity of suppliers, Nio Tech
plans to develop this wholly-owned deposit into a truly world-class resource.
Specialty metals and Rare Earth elements are the building blocks of a modern society and, while we may not realize it, many of them feature prominently in our lives. Niobium is no exception. The United States and most developed countries have included Niobium in the list of critical metals as the play an important role in national security. Niobium is used in gas pipelines, building construction, bridge construction, automotive manufacturing, aerospace and ever-growing uses in the electronics we use every day.
Just $9 of Niobium used in the construction of a car can reduce its weight by 100kg, a savings which can reduce fuel consumption by 5% which reduces emissions. **Source: World Steel Association
In August 2016, researchers at the University of Texas developed a new process which uses niobium oxide to turn ordinary windows into “smart windows,” glass which can change properties (e.g. transparent to opaque) at the touch of a button. In the coming years, such uses for Niobium are undoubtedly going to increase, and that means demand for this specialty metal is going to continue to increase. **Source: University of Texas at Austin, August 22, 2016
During the 1950s and 1960s, the USGS flew over North America and used airborne magnetometers to find anomalies in the Earth's magnetic field that could signify big rare earth deposits. Since then, mining companies have taken it upon themselves to confirm the presence of these deposits. Nio Tech Corp’s wholly-owned Nemegosenda property is one of these rare earth deposits. Consequently, Nio Tech Corp is positioned to enter the marketplace as the first additional supplier of Niobium in over 40 years.
Some rare earth metals are actually quite commonplace, but Niobium is a metal which is scarce in North America. Most of the existing deposits are located deep underground, thereby significantly reducing their economic viability. In contrast, the Nemegosenda property is located in mining-friendly Ontario; easily accessible to highways, railways and power, and perhaps the most important of all, the deposit of Niobium is very close to the surface.
Nio Tech Corp is an early stage mining development company based in the United States with the ultimate goal of becoming one of the few strategic suppliers of Niobium. It has been formed by the following event:
Sarissa Resources Inc. (OTC Markets: Pink SRSR) (Sarissa or the Company), announces the sale of the Nemegosenda specialty metals and rare earth project from Nio-Star Corporation, a Canadian subsidiary of Sarissa, to Indo Global Exchange(s) Pte, Ltd. (OTC Markets: IGEX) (Indo Global)
Under the terms of the sale, the Indo Global will file a Form S-1 to facilitate a distribution of shares so that post-split, 95% of the Indo Global shares shall be held by existing Sarissa shareholders as of the record date, and 5% will be held by existing Indo Global shareholders. Sarissa shareholders will receive 1 new share of Indo Global for every 20 Sarissa shares held on the date of record. Indo Global intends to file for a name change to Niobium Technology Corporation, a symbol change to NBTC, and for a 12,500:1 reverse split, for approval by the Financial Industry Regulatory Authority, Inc. (FINRA).
Indo Global will own, outright, the Nemegosenda property an approximately 1,800-acre property located near Chapeau, Ontario. Exploration and geological work has been completed by Dominion Gulf Company in the late 1950s and early 1960s, by Eastmaque Gold Mines/International Musto in the 1980s and more recently by Sarissa Resources Inc. In total, diamond drilling of 84 holes totaling over 15,500 meters has been completed. A historic estimate was prepared by G.E. Red Parsons for Dominion Gulf Company that indicated for the D Zone "20,000,000 tons of 0.47 percent Nb2O5 material in a block 600 by 800 feet in size and to depths up to 600 feet," based on Gulf's drilling and a 580 foot adit which penetrated 235 feet into the zone. A 36-tonne bulk sample was extracted and subsequently was used by the Colorado School of Mines Research Institute in a pilot plant where niobium extraction from the ore was consistently achieved at an 85% to 90% level. An Economic Analysis of the project was completed in 1962 by B.J. Lerner for Dominion Gulf Company, which demonstrated the projects projected feasibility at that time.
The historical resources estimate, the historical feasibility, and the historical metallurgical testing are based on data obtained by previous owners in the 1960s. A qualified person, as defined under NI-43-101, has not done sufficient work to comment on the relevance or reliability of this historical estimate. The Company is not treating the historical estimate as, nor can the historical estimates be relied upon, as verification of current mineral resources or reserves.
Niobium, also known as columbium, is a rare metal primarily obtained from pyrochlore; a mineral found occurring in carbonatites. Well known for its use in steel alloys to add corrosion resistance and maintain high conductive properties, niobium's melting point of 2,468C enables the metals alloys to maintain their qualities at very high temperatures. Approximately 89% of worldwide niobium consumption is dedicated to the production of steel; while 9% is used in the production of "super alloys" and the final 2% is used in the development of superconductor applications within the technology, electronics, and medical industries.
John O'Shea, Director of Indo Global, commented, "We are very excited to have been able to acquire the Nemegosenda Project." Mr. O'Shea added "The landscape for niobium is rapidly changing, demand is strong and its uses continue to grow. According to industry sources, global demand for niobium is expected to grow at a compound annual growth rate of 7% through 2020. With only 3 significant existing producers in the world, all of which have recently completed full or partial acquisition by Chinese interests, there is a growing concern about diversity of supply."
Dan Byrnes, President, stated, "This is the completion of a major step in the restructuring of the project, which will enable the necessary capital to be raised and permit the project to move forward along the path to developing a mine." Mr. Byrnes added "The Nemegosenda project is uniquely suited to fill a growing need in the diversity of supply for niobium. The combination of a significant historical record of geological work completed, the inherent lower costs to mine a surface deposit, the location in a mining friendly jurisdiction close to all of the necessary infrastructure required for production and the use state-of-the-art separation and refining technology to produce a mix of both traditional and high-tech useful niobium and zirconium products, provides the newly named Niobium Technology Corporation with an exceptional opportunity."
Otto Pichler, Director, said "I am looking forward to the opportunity to join Niobium Technology Corporation and work to move the Nemegosenda project forward. Having the project in a revitalized reporting public company will allow for greater transparency for investors. The opportunities for niobium and zirconium production as well as other payables in this deposit are substantial. Our plans are to assemble a world class team that is suitable to develop this world-class deposit." Nemegosenda
The Nemegosenda property comprises approximately 9000 acres in Northern Ontario that, in historic exploration and testing, has indicated the existence of considerable carbonatite-hosted niobium mineralization. The property is easily accessible off of Highway 101 between Timmins and Chapleau, Ontario (Chewett and Collins Townships). The patented claims were purchased in January 2008 for $380,000 Canadian -- payable over a four-year period -- and 2% royalty concessions on all mineral and/or metal production from the property. Sarissa Resources, however, retained the right to repurchase 1.5% of the royalty concessions at any time in the future for a predetermined price. The Company believes that any potential extensions of the mineralized areas may be covered in its 9000 acre holdings.
The Nemegosenda Property (map) was identified in the mid-nineteen fifties through aeromagnetic surveys conducted by Gulf Minerals Canada Limited. Subsequent exploration and testing, as summarized in the Ontario Geological Survey study 34 by R.P Sage (click to read the full report) in 1987, highlighted a number of "higher grade niobium zones." Of particular note, Zone D indicated "20,000,000 tons of 0.47 percent Nb2O5 material in a block 600 by 800 feet in size and to depths up to 600 feet," based on Gulf's drilling and a 580 foot adit which penetrated 235 feet into the zone. Based on this historic (non-NI-43-101-compliant) data (Pg 34), this indicates the potential for approximately 9.4 pounds of Nb2O5 per ton of ore in situ.
Other zones within the property have also indicated smaller, but meaningful niobium mineralization. Another area of mineralization of Niobium and rare earths called the 'South-East' Area was previously outlined on the property. It occurs 1500 metres south east of the Hawke zone (formerly called 'D' Zone). From the 1955 and 1956 drilling program by Dominion Gulf, plus re-assaying of nine drill holes by Musto Explorations in 1988 which covered this area, a historical resource of Niobium mineralization was indicated to exist within an area of some 700m x 250m to a depth of 200m having a weighted average from the assays of all drill holes of 0.35% Nb2O5.
2008-2009 Drill Program 1st Phase: During late 2008 and early 2009 Sarissa drilled nine diamond drill holes in the D Zone portion of the property, totaling 1,842 metres, to seek confirmation and depth extension of the niobium mineralization previously identified by Dominion Gulf Company ("Gulf"). Notably, all the holes returned significant niobium mineralization, averaging 0.4% Nb2O5 over the entire 1,728 metres that were sent for assaying.
It should be noted that the drilling program successfully confirmed both the mineralized zone data historically reported, and that the mineralization continues below what had previously been identified as the depth of the mineralized zone. It has also demonstrated that the mineralized zone increases in grade and depth towards the eastern portion of the zone. The three drill holes on the eastern end of the current drill sections returned:
DDH-09-73 at 344,525E 5,320,425N includes 194m to 239m = 45m @ 0.77% Nb2O5
DDH-09-74 at 344,550E 5,320,475N includes 167m to 179m = 12m @ 0.71% Nb2O5
Note: DDH-9-74 was stopped at 197m.
DDH-09-77 at 344,575E 5,320,525N includes 131m to 260m = 129m @ 0.56% Nb2O5
2008-2009 Drill Program 2nd Phase This program involved further diamond drilling to continue to expand on the mineralized niobium resource in the Hawke (D) Zone. It was targeted to test the eastern extension, and is conducted under the guidance of Hillar Pintson M.Sc., P.Geo. In addition the Company has opened up 4 trenches in the SE Zone. Scintillomoter readings taken within the trenching area have provided significant readings. The trenching program was conducted initially under the supervision of the late Alan Hawke, and followed up on by geologist Hillar Pintson. It was conducted in the middle of the SE Zone, where forty-nine 2.5 metre continuous channel samples were collected along the northern side of trench 09-5A and submitted for assaying. The average grade over the full 122.5 metre length of the trench was 0.35% Nb2O5. In the 49 samples submitted for assay, highlights included 2 samples of greater than 1% Nb2O5 and 10 samples greater than 0.5% Nb2O5. As well as the significant Nb2O5 results, the samples returned anomalous values of tantalum and uranium, along with 2 samples of greater than ten thousand ppm total rare earth elements.
Of additional significance is that this trenching program was carried out in an area of the SE Zone that had not previously been drilled, so continues to expand the area of potential mineralization in this area. A follow-up drilling program has been initiated to test the areas underneath the zone exposed during the trenching program.
Dominion Gulf Co. completed a magnetic survey and several drill holes on the property. The company’s initial focus was on the drilling of magnetic anomalies in the SE-Zone, most
likely caused by the pyrochlore-magnetite rich pyroxenites. By the fall of 1956, 68 holes had been completed totaling 35,306 feet (~10,760 m) of diamond drilling on the property. Approximately 33 of these holes were drilled in the D-Zone, majority of which occurred on a cross-sectional drilling pattern. In 1958, an adit was driven 580 feet (~177 m) into the main D-Zone to obtain a bulk sample, and $1,000,000 was spent to investigate and develop a process of metallurgical extraction at the time.
This work resulted in a historic, non 43-101 compliant resource estimate of approximately 18 – 20 short tons grading 0.47 % Nb2O5. This resource estimate used a block model that
extended from surface to approximately 180 – 200 meters depth. More information on the historic resource estimate is presented in the NI 43-101 compliant technical report completed by P. Chance (2010), which is available through SEDAR.
Musto Exploration Ltd. continued exploration in the late 1980s. Their predominant focus was on developing the REE potential in the SE-Zone. They completed an airborne magnetic and EM survey of the property, trenching work, and re-assayed some historic Gulf Dominion core for REEs.
Current Exploration Work
Sarissa began exploration again in 2008, and drilled 11 holes in the D-Zone. This work mainly looked at expanding and improving drill hole coverage on the cross-sectional pattern drilled by Dominion Gulf Co. Two holes were drilled in the SE-Zone, with DDH-10-81 showing elevated REE concentrations, and expanding the known extents of niobium mineralization. Currently, a new drill program aims at duplicating historic Gulf Dominion holes in the D-Zone to validate and confirm historic data, to enable the possible use of this data in an updated, comprehensive resource estimate for the D-Zone. This work follows on recommendations by P. Chance in the 2010 NI 43-101 compliant technical report.
Metallurgical Testing: A further aspect of this program will entail beginning metallurgical studies. SGS Lakefield Research Ltd. has been retained to conduct a Proof of concept program, which will focus on the recovery of niobium compounds. The multi-disciplinary approach will fully characterize the ore, investigate if physical ore upgrading is feasible by standard ore beneficiation processes, and develop a hydrometallurgical method for the extraction and selective recovery of (initially) the Nb phase. The investigation should be considered as a scoping or pre-feasibility study to establish a baseline flowsheet for targeted product recovery.
So far the first phase of metallurgical testing has been completed and no barriers to extraction have been identified. This correlates well with the previous $1,000,000 of metallurgical research conducted by Dominion Gulf Company in conjunction with the Colorado School of Mines Research Foundation in 1959-1960. The next stage metallurgical testing will focus on a more detailed mineralogical study. In July 2009, Sarissa announced the completion of an independent technical report on its 100% owned niobium property in northern Ontario. The report was prepared by John C. Archibald, P. Geo. of Billiken Management Services Inc. of Toronto, and was prepared to standards as outlined by National Instrument 43-101 Standards and Disclosures for Mineral Projects ("NI 43-101").
Sarissa's recent drilling program has increased the confidence level in the historic exploration and subsequent evaluation to the point that an indicated resource may now be calculated for the D Zone. Drill hole intersections, with a weighted average grade of 0.43%, are located within a surface area of some 76,250 square metres and to a depth of at least 200m. In 1958 an adit was driven 580 feet into the D Zone where historic sampling indicated that the average grade contains a weighted average of 0.57% Nb2O5.
NI 43-101 Technical Reports for Nemegosenda
Oakville, ON, July 27, 2009 - Sarissa Resources Inc., ("Sarissa" or the "Company") (OTCPinksheets: SRSR - News), is pleased to announce the completion of an independent technical report on its 100% owned niobium property in northern Ontario. The report was prepared by John C. Archibald, P.Geo.of Billiken Management Services Inc. of Toronto, and was prepared to standards as outlined by National Instrument 43-101 Standards and Disclosures for Mineral Projects ("NI 43-101.")
This 43-101 was later retracted until
Oakville, ON, October 5, 2010 - Sarissa Resources Inc. ("Sarissa" or the "Company") (OTCPinksheets: SRSR - News)is pleased to report that it has filed a technical report under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") prepared by Patrick Chance, P.Eng., dated 23 September 2010 and entitled "Nemegosenda Lake Niobium Property, Chewett, Collins and McGee Townships, Porcupine Mining Division, Ontario, Canada - a NI 43-101 Compliant Technical Report" (the "2010 Report").
**this document is also available on http://www.sedar.com.
In April 2015 Patrick Chance updated the Technical Report.
Recommendations in the current report focus on readying the project for an initial mineral resource estimate and on developing exploration drill targets to expand the resource.
**this document can also be downloaded from Sarissa's profile page on SEDAR.
Daniel Byrnes | President, Interim Chief Financial Officer and Director
Mr. Byrnes has over 25 years of senior management and investment experience primarily in alternative investments, specifically, quantitative modeling, risk management and trading of global markets including: commodities, stock indices, currencies, precious and base metals as well as energy. In addition, Mr. Byrnes has provided business consulting services to a wide range of companies and industries, from small start-ups to established business as well as Government Agencies. Mr. Byrnes was the President and a founding partner of Fort Orange Capital Management an alternative investment asset management company from 1996-2010. Prior to Fort Orange, Mr. Byrnes was vice-president and head trader of CCA Capital Management, an alternative investment asset management company from 1987-1996 Mr. Byrnes was named Futures Magazine, “Top Traders” in 2005 and 2006. Mr. Byrnes received his BA in Economics from the University of Colorado at Boulder in 1987.
John O'Shea | Director
John O’Shea has 25 years of knowledge and experience in Business Development; including a convincing personal history in sales and the sales cycles for small to large organisations. His significant strength in lead generation, prospecting and coordination of new market developments, including new verticals and geographic expansions. He has an intuitive knowledge of recognizing concepts and opportunities that have commercial application while managing them through to operation.
His experience with some of Australia’s largest banks and financial institutions has enabled him to build and cultivate partnerships to achieve the development of strategic road maps for inorganic growth while working with the multi-level aspects of the organisation to deliver the outcomes for the company.
Otto Pichler | Director
Mr. Pichler has more than 35 years of hands on experience; 16 years in senior management roles (Managing Director, Chief Operating Officer and Chief Executive Officer) for several global companies with annual revenues up to US$700 Million Dollars. Mr. Pichler holds a degree in chemical engineering and has managed infrastructure projects with capital expenditure of up to US$450 Million Dollars.